Anchorage Investments to develop $2.5bln petrochemical project in SCZONE

Anchorage Investments, a company led by founder and managing director Ahmed Moharram, is working on one of the largest projects in the industrial zone affiliated with the Suez Canal Economic Zone (SCZONE).

The project, named “Anchorage Benitoite”, is an industrial complex that will produce various derivatives and petrochemical products with an investment of $2.5bn.

The project aims to contribute to GDP growth, increase foreign direct investments, and support the petrochemical sector in Egypt.

Moharram said that SCZONE offers many investment incentives and advantages that make it a global industrial, economic, and logistical center. He expects that the development of the SCZONE will boost Egypt’s economic growth to new heights, in addition to the existing projects in renewable energy and green hydrogen.

He believes that the SCZONE is a gateway to economic progress and a pillar of development, with its huge investment and industrial projects.

Moharram explained that SCZONE has many competitive advantages, such as its strategic location, which gives it access to six ports and two international airports. He also mentioned the investment incentives from the absence of customs taxes or value-added taxes when importing from the local market or abroad to the SCZONE, as well as the possibility of obtaining the golden licence for strategic projects, with the facilities of the new investment law and one-stop-shop services. He added that the SCZONE has an integrated infrastructure of stations, facilities, logistics services, storage and distribution centres, as well as dry ports.